Wormhole Bridge’s Hacker Has $46 Million On Maker

Last year, the hacker responsible for steali$157 millionfrom the Solana-Ether Wormhole Bridge further compounded their crime by exchanging part of those stolen funds for Ethereum. They may now even be pocketing additional profits from staked tokens!

Hacker Keeps Some Of The Money He Stolen On Maker

On Monday morning in Asia, blockchain data revealed that hacker wallet 0x629 had supplied more than $46 million worth of various tokens to Maker – an online borrowing and lending platform. From the collateralized funds, they were able to purchase 9,750 ether at the cost of roughly $1,537 each, as well as 1,000 staked ether (stETH). Shortly after obtaining these tokens, this malicious actor packaged them up for approximately 9700 wrapped staked ethers (wstETH), according to Peckshield blockchain security firm. As a result of their purchases, there was immediate buying pressure on Ether driving prices from around $1520 per coin all the way up to $1530!

By staking Ether, entities can be issued derivative tokens to help secure & validate transactions on the Ethereum blockchain. Representational tokens with the same value as their foundational asset- Wrapped Tokens – are also applicable outside of this networked landscape. Monday’s events continued a hacker’s digital misconduct in Decentralized Financing (DeFi), signifying an increasingly pressing concern within this space.

Wormhole Bridges Hacker Has Million On Maker

The Same Hacker’s Also Made Many Transactions With Stolen Money In The Past

At the start of the year, a hacker transferred an astounding 95,360 ETH – amounting to around $157 million USD – via the OpenOcean DeFi aggregator. Subsequently, they transacted smaller amounts on Kyber Network and 1Inch before taking advantage of Lido’s liquid staking derivatives by borrowing DAI stablecoins. This nefarious individual managed to take full advantage of decentralized finance protocols for their own profits with little difficulty.

You might check: Türkiye Announced That It Will Stop Gold Imports For A Time After The Earthquake

Ren Garcia

I am a personal finance reporter and markets reporter at Los Angeles/USA today. I graduated from San Jose State University, where I double majored in Business Administration and International Business.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button